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Stock Market & Financial Investment News

News Breaks
May 5, 2014
10:00 EDTPSDV, RXII, HEAR, MCEP, LGCY, LQ, LJPC, LRE, KING, FEYE, ADMSOn The Fly: Analyst Initiation Summary
Adamas Pharmaceuticals (ADMS) initiated with an Overweight at Piper Jaffray... FireEye (FEYE) initiated with a Hold at Deutsche Bank... King Digital (KING) initiated with a Buy at BofA/Merrill... LRR Energy (LRE) initiated with an Underperform at BofA/Merrill... La Jolla (LJPC) initiated with a Buy at H.C. Wainwright... La Quinta (LQ) initiated with a Buy at Stifel... Legacy Reserves (LGCY) reinstated with a Neutral at BofA/Merrill... Mid-Con Energy (MCEP) initiated with an Underperform at BofA/Merrill... Parametric Sound (HEAR) initiated with an Outperform at Cowen... RXi Pharmaceuticals (RXII) initiated with a Buy at H.C. Wainwright... pSivida (PSDV) initiated with a Buy at MLV & Co.
News For ADMS;FEYE;KING;LRE;LJPC;LQ;LGCY;MCEP;HEAR;RXII;PSDV From The Last 14 Days
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July 24, 2014
19:45 EDTMCEPMid-Con Energy acquires Oilton Field for $56.5M in stock and cash
Mid-Con Energy Partners, through its wholly owned subsidiary, Mid-Con Energy Properties, announced that it has entered into a definitive agreement to acquire net proved reserves estimated at 2.6M barrels of oil equivalent for an aggregate purchase price of approximately $56.5M, subject to customary post-closing adjustments. The acquisition, expected to close and become effective on August 5, will be funded with approximately 2.2M units of MCEP stock and $4.5M in cash. The acquired position, the Oilton Field, is a mature asset producing from a large anticline structure underlying acreage in Creek County, OK. Mid-Con Energy will acquire operatorship in Oilton along with an approximate 97% net working interest.
July 23, 2014
13:28 EDTFEYECheck Point advances after results beat expectations
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10:02 EDTKINGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 21st Century Fox (FOXA) downgraded to Market Perform from Outperform at Cowen... Brinker (EAT) downgraded to Sector Perform from Outperform at RBC Capital... Cubist (CBST) downgraded to Market Perform from Outperform at JMP Securities... DiamondRock (DRH) downgraded to Neutral from Outperform at RW Baird... DuPont (DD) downgraded to Neutral from Overweight at JPMorgan... FirstMerit (FMER) downgraded to Neutral from Overweight at JPMorgan... Helmerich & Payne (HP) downgraded to Accumulate from Buy at Tudor Pickering... Hexcel (HXL) downgraded to Hold from Buy at Canaccord... Juniper (JNPR) downgraded to Neutral from Buy at BofA/Merrill... King Digital (KING) downgraded at BofA/Merrill... Lexmark (LXK) downgraded at Raymond James... McDonald's (MCD) downgraded at RW Baird... Mead Johnson (MJN) downgraded to Outperform from Buy at CLSA... National Oilwell (NOV) downgraded to Accumulate from Buy at Tudor Pickering... Nintendo (NTDOY) downgraded to Hold from Buy at Jefferies... Raytheon (RTN) downgraded to Market Perform from Outperform at Bernstein... Targa Resources (TRGP) downgraded to Accumulate from Buy at Global Hunter... Time Warner (TWX) downgraded to Market Perform from Outperform at Cowen... Timmins Gold (TGD) downgraded to Market Perform from Outperform at Cowen... United Technologies (UTX) downgraded to Market Perform from Outperform at Wells Fargo... Viacom (VIAB) downgraded to Market Perform from Outperform at Cowen... Xilinx (XLNX) downgraded at BMO Capital.
09:17 EDTKINGOn The Fly: Pre-market Movers
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09:02 EDTLJPCLa Jolla 4.8M share Spot Secondary priced at $10.50
The deal range was $10.40-$10.60. Jefferies acted as sole book running manager for the offering.
08:11 EDTKINGKing Digital downgraded at BofA/Merrill
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06:43 EDTKINGKing Digital downgraded to Neutral from Buy at BofA/Merrill
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July 22, 2014
16:01 EDTLJPCLa Jolla files to sell common stock, no amount given
La Jolla intends to use the net proceeds from the underwritten offering for general corporate purposes, funding its ongoing and future clinical trials, general and administrative expenses and potential future acquisitions and other strategic purposes. Jefferies LLC is acting as sole book-runner for the offering.
July 18, 2014
13:01 EDTLRELRR Energy increases quarterly cash distribution to 49.50c from 49.25c
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July 17, 2014
18:04 EDTKINGKing Digital shares could rise 40%, Barron's says
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July 16, 2014
13:06 EDTFEYEIT security stocks advance after upbeat Goldman note
Shares of a number of IT security stocks are rallying after Goldman Sachs wrote that it was upbeat on the sector in a note to investors today. WHAT'S NEW: Goldman Sachs analyst Matthew Niknam assumed coverage of the Security Software sector with an Attractive rating. Cyber threats have become larger and more costly, so many companies are increasing the amount of money they spend on IT security, Niknam wrote. Spending on security is increasing by the highest rate since 2010, the analyst estimated. Companies in the sector should see their free cash flow growth accelerate, while cash rich tech companies could become interested in carrying out M&A transactions with security vendors, the analyst predicted. Additionally, more mature companies in the sector should be able to buy back more of their shares going forward, Niknam believes. He identified Palo Alto (PANW) as his top pick in the space, as he believes that the company provides "the most unique blend of disruptive long-term growth and accelerating profitability." The company is poised to gain additional market share, while its growth going forward should beat expectations, Niknam stated. He raised his price target on the shares to $97 from $91 and kept a Conviction List-Buy rating on the stock. Meanwhile, the analyst upgraded another stock in the sector, FireEye (FEYE), to Buy from Neutral after assuming coverage of the shares. The company's status as the market leader in fighting Advanced Persistent Threats, or APTs, leaves it well-positioned in the current market, he contended. An IT survey indicates that most respondents plan to increase their APT-related spending, and 59% of the respondents say they plan to spend more money on solutions from a new vendor, Niknam reported. Furthermore, FireEye's revenue growth likely accelerated in Q2 and its revenue should beat expectations in 2014 and 2015, while the company's free cash flow should come in above consensus levels next year, Niknam predicted. FireEye may eventually be acquired by another company, according to Niknam, who raised his price target on the shares to $42 from $36. WHAT'S NOTABLE: Niknam initiated coverage of Proofpoint (PFPT) with a Buy rating as he predicted that the company's growth and free cash flow would beat expectations in the near-term and he believes that the company could also become a takeover target. The analyst started coverage of Fortinet (FTNT) with a Neutral rating. PRICE ACTION: In early afternoon trading, Palo Alto climbed 3% to $78.36, FireEye rose 3.5% to $34.99, Proofpoint climbed 3.6% to $34.46, and Fortinet rose 1% to $24.24.
09:23 EDTFEYEOn The Fly: Pre-market Movers
HIGHER: Time Warner (TWX), up 15% after company confirmed that it rejected an $80B takeover offer from 21st Century Fox (FOX, FOXA), as had been reported earlier this morning... Apple (AAPL), up 2% after announcing an enterprise mobile partnership with IBM (IBM), which is also up 2%... International Game (IGT), up 9.5% after agreeing to be acquired by GTECH for $4.7B in cash and stock... FireEye (FEYE), up 5% after shares upgraded at Goldman... Precision Drilling (PDS), up 4% after announcing strategic agreement with Schlumberger (SLB), upgraded at Deutsche Bank... Mellanox (MLNX), up 4.7% following upgrade at Jefferies. UP AFTER EARNINGS: Intel (INTC), up 5.4%... HCA Holdings (HCA), up 6%... Textron (TXT), up 3.2%... Abbott (ABT), up 1%. DOWN AFTER EARNINGS: PNC Financial (PNC), down 2.5%... MGIC Investment (MTG), down 3.6%. LOWER: Yahoo (YHOO), down 3% after downgraded at CRT Capital following second quarter earnings report... Ares Capital (ARCC), down 2.5% after filing to sell 11.85M shares of common stock... Nationstar (NSM), down 2.4% after downgraded at Wells Fargo... Walter Investment (WAC), which was also downgraded at Wells Fargo, down 1.6%.
05:47 EDTFEYEFireEye assumed with a Buy from Neutral at Goldman
Goldman upgraded FireEye to Buy after assuming coverage of the stock and raised its price target for shares to $42 from $36. Goldman believes FireEye is positioned as the market leader in battling Advanced Persistent Threats.
July 15, 2014
09:21 EDTLJPCOn The Fly: Pre-market Movers
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08:01 EDTLJPCLa Jolla Pharma announces pre-clinical data for LJPC-1010 in NASH
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